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Insurance is a basic part of every businessperson’s life. It can make the difference between a mishap being a minor speed bump or a devastating loss. There are some basics every contractor must know which may influence the cost of contractors liability insurance Phoenix, AZ and aid the contractor being able to help his/her business stay in the game.

The types of coverage make up the base cost of contractors liability insurance Phoenix, AZ. Those types of coverage can include those discussed below but certainly are not limited to only these.

General liability insurance is the term used for the insurance to cover the basic accidents that could occur on a job site on a day to day operations. This would cover the things generally incurred when running a business as well as job site accidents.

Course of Construction insurance (a.k.a. Builders Risk Insurance) cover physical damage to a property under construction. Financial institutions require this type of coverage, at times, prior to lending the money to start a construction project. This includes remodeling projects, as well.

Workers’ Compensation insurance is a coverage that most everyone is familiar with. This covers the business owner in the event an employee is injured while going about his or her job on the site and during employment hours.

Tools and equipment may also be insured. Generally, insurance coverage on these tools and equipment requires that each piece not exceed $500 in value, but can insure replacement costs in the event of theft.

Business auto insurance is a standard operating expense for vehicles used and operated for the business needs. Private policies sometimes may exclude coverage during business tasks. It is important the contractor have the proper coverage on any and all vehicles used for business purposes.

The cost of contractors liability insurance phoenix az can vary from other locations in the country and even the state. Location plays a big factor in the pricing of these types of coverage. Local insurance companies can offer pricing quotes for all of the available types of coverage for each individual contractor’s needs and location. These representatives are educated in assisting contractors to choose the coverage types and amount right for each individual contracting business. What is right in Tempe, may not be what is right in Phoenix and visa versa. Those insurance representatives are available online and in person to help their customers, including contractors, choose the most timely, efficient policies to cover everything, should the need arise.

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The cost of contractors liability insurance Phoenix AZ will be determined by a range of factors, but it is critical for every company and project to have proper and quality protection. Having such not only safeguards you financially, it also earns your business top quality talent and clients that appreciate the safety and comfort liability insurance provides.

What Contractor Needs Liability Insurance?

You all do. As a contractor, the cost of contractors liability insurance Phoenix AZ will prepare you for the worst. There are contractors that work directly with government agencies or specific businesses. Their employers may be responsible for liability insurance. Most contractors, though, contract their services to third parties. Whether these are businesses or individuals, these contractors are required to have sufficient insurance to operate.

It doesn’t matter if your business is general, artisan or subcontractor, an accident can ruin your reputation and, in many cases, destroy the business. There are specific policies for the mason, electrician, plumber, roofer, framer or tiler. The cost of contractors liability insurance Phoenix AZ will be impacted by the types of equipment and machinery on site, type of project, number of employees and location. There can be discounts or other incentives if safety standards and precautions are in place, and if employees have been trained, but there is no getting around adequate coverage.

The smart contractor wants liability insurance.

What is the Cost of Contractors Liability Insurance Phoenix AZ?

Regardless of the cost of liability insurance, the moment you find yourself needing it, the policy becomes invaluable. Consider the repercussions if you didn’t have coverage. An accident that’s not your fault could have a dynamic impact on your business. Imagine a distracted driver watching your crane and absently hitting one of your employees. An electrician falls off a scaffold and is seriously injured. Your machinery creates unintentional damage to someone’s residence. Without coverage, you end up carrying any and all expenses related to the incident. You could land on the defendant’s side of a legal dispute. Word gets out your business is in trouble, making it difficult to get new projects and clients.

Those are the costs to consider.

Conclusion

If you’re looking at the cost of contractors liability insurance Phoenix AZ, do not look solely at dollars coming out of your budget. Look at what you need to safely manage your operations, protect anyone and everyone who could potentially be hurt and how you want your reputation to be viewed.

Wrap Up and owner controlled insurance policies are provided by an insurance company through an owner or developer. That policy covers the contractors working on a construction site under one policy.

The Benefits of Having Contractors Under One Policy
Many contractors working on buildings like townhouses, subdivisions and multi-family residences don’t have their own insurance coverage. This can leave the developer with a serious liability for injuries incurred on the job. With one policy to cover everyone on the job site, it reduces the litigation in case a claim is filed by a worker or by the future owner of the property over the construction.

Control of the Coverage Details for Workers
When one insurance company covers all the workers, there’s never a problem with policy exclusions or canceled coverage. The developer has the control over the type of coverage provided to all his workers on the job site. When each contractor has their own coverage, there’s the potential for issues regarding the limits of the coverage provided. Claims are handled more efficiently with one insurance plan covering the entire work site.

Basic Insurance Coverage

General Liability

Umbrella Liability

Builder’s Risk

Workers Compensation

Commercial Vehicles

Property Damage

Safety Programs for All Workers
A primary feature of the Wrap Up Program is one enforceable safety program that will ensure that all workers follow a certain protocol to avoid accidents and damages. All contractors might not have their own safety programs, which can result in injuries. A safe workplace where everyone follows safety procedures results in a construction that is finished on time without injury and delays.

Contractors Who are Eligible
When developers use Wrap Up and owner controlled insurance policies, they expect that contractors will bid on the job without the costs of insurance included. They will be charged for the insurance used by the developer, but the contractor’s insurance can cover the operations outside of the Wrap Up coverage.

Add-On Coverage

Pollution Liability

Contractors Professional Liability

Railroad Protective Liability

Builder’s Risk

Installation and Contractor’s Equipment Floater

Wrap up and owner controlled insurance policies protect everyone working on the construction site. They’re a great way to ensure that everyone has the same protection too. If there’s ever a claim made against the workers, it can be handled with one policy, and there’s no finger pointing or delayed action.

As insurance companies change policies to exclude coverage contractors need the most, it is important to have an advocate in your corner. Whether you are a general contractor, plumber, hvac contractor, framing contractor, landscaper or another type of contractor, it is important to work with a team that understands the coverage you need. A perfect example would be a plumber having a policy that doesn’t exclude XCU. Drop us a line and we can talk about coverage your contracting business needs.